In our latest crude market commentary:
> Start of June trade month sees MEH premiums to Cushing rise, landing WTI more expensive in NWE but still overall competitive
> Turnaround in USGC balances, ‘excessive’ speculative length in Brent, cautious TD25 outlook to see TI/Brent spreads narrow in the coming weeks
> Stronger US market closes export opportunities to Europe, dragged down by stock declines in PADD 1
> Asian demand for heavy crudes apparently strong for now, while SE Asia light grades weaken, potentially evidence of relatively poor marginal Asian demand
> Johan Sverdrup weakness sees arb to USGC open against Guyana/Brazil
